FormFactor

ConvictionModerate

Designs and manufactures probe cards — a custom consumable that must be re-designed for each new chip product/node — sold to memory IDMs and foundry/logic makers for wafer test; a smaller Systems segment sells probe stations and thermal/cryogenic test/measurement instruments. Razor-and-blade-like: probe cards wear out and re-spin with every new product generation, so revenue scales with customers' new-product cadence and wafer-test volume rather than being one-time capex.